Artemis Resources Limited (ASX: ARV AIM: ARV, Frankfurt: ATY, US OTCQB: ARTTF) has provided an update on its 100%-owned Paterson Central gold and copper project in the Paterson province, in Western Australia’s East Pilbara, where drilling is underway.
Artemis has begun a 7,500m to 10,000m drill programme across the Apollo and Atlas targets before the rigs move to the completely untested targets at Juno, Voyager, Enterprise East, Enterprise West and Vidiian.
Artemis retains 100% ownership of the Paterson Central project, which is proximal to and surrounds on three sides the outstanding Havieron gold-copper discovery and mine development.
This drilling programme is expected to continue through the remainder of the year, with Artemis scheduling regular updates on progress, assays and key findings.
The Paterson Central 2022 programme is budgeted to cost up to $3 million, depending on the final metres drilled. Artemis has ~$12 million in cash and listed investments.
“With drilling now underway, the company is focussing on the additional value that exploration success at Paterson Central and our Greater Carlow project could bring to the company’s current market capitalisation of approximately ~$42m (~£24m), which is underpinned by the book value of our Radio Hill plant (~$20m), current cash (~$6m) and listed investments (~$6m),” executive director Alastair Clayton said.
“The company has had less than 14 weeks total drilling time at our Paterson Central project to date and has only managed to partially test a handful of the nine highest-priority targets. We now have a six-month ‘drilling window’ to finally, after several years of COVID-related personnel and rig issues as well as local climatic challenges, systematically complete the first-phase exploration of our 605sqkm licence area.
“While awaiting a re-start, our Paterson Central team have been very busy over the past six months refining our targeting, establishing our base camp and – importantly – working on improved logistical and access solutions in conjunction with our local partners and stakeholders.
“I’d like to thank shareholders for their patience and wish our exploration team and drilling contractors a safe and successful 2022 Paterson Central drill campaign.”
